What is a Credit Rating?

A credit rating is used to determine creditworthiness and is a very broad measure of risk. In general there are five levels of credit rating.

A 1 star credit rating reflects a very poor credit score, and therefore a high risk of default. A five star credit rating applies to those with an excellent credit history and who have a very low risk of default. The average credit rating is 3 stars which is the mainstream target area for most credit card companies. Knowing your credit rating allows you to apply for the cards that you are most likely to be eligible for.

What is a Credit Score?

Your credit score is a statistical measurement of your probability of default and is a much more accurate prediction of your creditworthiness than a general credit rating.

In the US and Canada, FICO scores are well known by consumers, but elsewhere they are largely unheard of by consumers. Whereas FICO scores range from 350-850 (bad to good), our own scores use a more consumer-friendly range of 0-1000 (bad to good). The average score on our Givemecredit scorecard is around 750. Credit scores from one company cannot be compared to scores produced by other companies because there is no universal credit scorecard. Givemecredit scores are used by consumers worldwide and also on other consumer websites including checkmyfile.com in the UK and Australia.

What difference does your Credit Score make?

The higher your credit score, the greater the chance you have of being accepted and generally the lower the interest rate you will pay.

INDIA'S MOST ADVANCED WAY TO GET CREDIT, FAST

Get credit cards and personal loans matched to your free credit score. This can save you both time and money and help you to avoid being declined for credit. View the credit you are most likely to get now.